Health Savings Account - Tips & Reminders
If you are enrolled in a high-deductible health insurance plan, you can maintain a Health Savings Account (HSA). An HSA is a tax-advantage medical savings account and a great way to cover the cost of medical and health-care expenses not necessarily covered by an insurance plan. You can make contributions to your HSA throughout the year, up to the annual limit. Any funds remaining at the end of the year will stay in the account and continue to grow tax-free for future qualified medical expenses.
View HSA Limits
HSA Tips & Reminders
• Contributions for 2019 can be made through July 15, 2020. Contributions done online through Online Banking or the Community Bank Mobile App are automatically credited for the 2020 tax year. If you will be making a contribution for the 2019 tax year before July 15, 2020, please call or stop by any of our five Community Bank locations.
• Spouses who have family coverage and both are eligible to make a Catch-up contribution must have a separate HSA and contribute their own $1,000 catch-up contributions to their own account. Money from either account can be used to pay for medical expenses for you, your spouse and your current tax dependents.
• Qualified expenses for HSA use remains the same. Typically, HSA funds can be used for medical expenses related to diagnosis, cure, mitigation, treatment or prevention of disease. Payments to doctors and dentists as well as costs associated with prescriptions and imaging, like MRIs, are covered. For a full list, irs.gov/publications/p969
• Please verify the beneficiary information printed on your statements. If you need to update this information, please contact a Personal Banker at any Community Bank location.
• Corrections for tax reporting of distributions must be received by August 17, 2020.
• Corrections for tax reporting of contributions must be received by August 17, 2020.
This content is not intended as legal or tax advice. Federal and state laws and regulations are subject to change. Please see your tax planner or accountant regarding your HSA eligibility.